Interest Rate Reduction Refinance Loan
Customers with an existing VA loan can use the streamlined IRRRL process to save money and time.
Customers with an existing VA loan can use the streamlined IRRRL process to save money and time.
The VA IRRRL process is like any other type of refinance. It allows you to reduce the interest rate, cut monthly payments or reduce your loan term. However, interest rate reduction loans can be completed significantly faster and more easily.
Refinancing your mortgage means replacing a current home loan with a new one. Homeowners often refinance to save money because there are plenty of ways to do so. For example, people refinance to reduce the interest rate, cut monthly payments or tap into their home equity. Others refinance to pay off the loan faster, get rid of mortgage insurance or switch from an adjustable-rate to a fixed-rate loan.
If you have an existing VA mortgage it’s multitudes easier to qualify got an IRRRL loan versus a traditional refinance.
One of the primary benefits of the IRRRL process is the ability to skip a new home appraisal, in many circumstances.
Robert S
Robert S“Our refinance experience with FFB was absolutely perfect. Their customer rep was superb — extremely knowledgeable and very responsive to our questions. Their online mortgage software was also exceptionally well designed. We have been through many refinances over the years, and this was one of the best!”
First Federal Bank does not charge a lender fee for VA loans under most circumstances.
The VA allows a veteran to hold multiple VA loans at the same time. Please contact us with your specific situation to see if this is an option for you.
Since VA loans are backed by the federal government they tend to be lower than conventional rates. FFB’s VA rates are typically lower than the national average as well.
Don’t wait, apply for a VA IRRRL loan today to get in touch with one of FFB’s experienced mortgage lender.
